Monthly Archives: January 2017

The Marketing Plan- What Is It

Some consider the marketing plan part of the business plan. It can be written together or separately but whichever way you do it make sure you update both regularly.  You should review both plans at least every five years and make changes according to how your business is growing.

Susan Ward from About.com stated that a marketing plan outlines specific actions you intend to carry out to interest potential customers/clients in your product and or service and persuade them to buy the what you are offering.

There are six parts that should be included when writing your plan:

  1. Products or services and your unique selling proposition
  2. Pricing strategy
  3. Sales/distribution plan
  4. Advertising and promotions plan
  5. Target market
  6. Competitive analysis

This are parts are not the only parts that can be included but the most popular. http://www.businessmarketingplan.net/marketing-plan-basics

There are several sites that offer free templates:

Microsoft: https://www.template.net/business/plan-templates/marketing-plan-templates/

Quickmba: http://www.quickmba.com/marketing/plan/

Business In A Box offers document templates that are very helpful to a business owner. http://www.business-in-a-box.com/

Here are some books that can also help you write your marketing plan:

On Target: The Boom on Marketing Plans by Tim Berry & Doug Wilson

Preparing The Marketing Plan by David Parmerlee

The Ultimate Small Business Marketing Toolkit by Beth Goldstein

 

 

 

The Business Plan- Do I Need One

I know what your thinking- do I need this? Yes, you do need one! It is a blue print for your business. Think of it this way, you wouldn’t build a house without a plan so you shouldn’t run a business without one.

The business plan helps you run your business more cohesively. It’s a road map to analyzing you marketing, sales, manufacturing, web design, etc. This plan will help ensure success.

Your plan is used for outlining your business structure. The most simple plan has five parts while the most difficult could have as many as twenty parts. There are several different types of business plans. Depending on your business and what your needs are.

This a very basic* one:

Introduction-

  1. name of company
  2. what it do
  3. structure
  4. who owns it
  5. why me

Sales & Marketing-

  1. sales forecast
  2. identify your customers
  3. identify your competition
  4. business card (example)
  5. sign (example)
  6. brochure (example)
  7. website (address)

Financial**-

  1. profit & loss forecast
  2. cash flow chart
  3. balance sheet

Operations-

  1. List all jobs to be done
  2. List who will do each job

Closing Statement-

  1. you have surveyed the market
  2. you have identified your customer
  3. you know your competition
  4. your financials indicated that
  5. you make money

*courtorsy of Larry Lee from SCORE

** can be found online

You will change your business plan as your company grows.

Below are more types of plans to help you decide what is best for your business

https://www.entrepreneur.com/article/239408

http://smallbusiness.chron.com/6-types-business-plans-2591.html

https://www.sba.gov/blogs/what-business-plan-type-best-me

 

Starting a Business

Most business people will say the business plan should come first. How are you going to write a business plan if you don’t know what the business will be? Writing a plan without knowing what your business is going to do, does not make sense.

What steps should you follow when starting a business? I have found the answers to this question varies depending on several factors.

  1. Type of business
  2. Location
  3. Need

Starting your own business is not as scary as you may think but its’ not as easy as hanging a shingle out saying “open for business”.

Your first thoughts in starting a business money, name, location, etc. What should be first is , can I make money from your idea, competition for your idea, market for your idea; after you have answered these questions to satisfaction then move to the next step.

Research the market get as much information you can on your product/service. Talk to people in your area of interest, visit a store location check out the inventory, pricing and customer traffic. Ask customers specifically why they shop at this store. You may get strange looks but this is part of your research so don’t give up. When that research is done move to the next step. A helpful resource is SCORE (www.score.org) the people there are former business people with years of experience. They provide seminars, workshops, online classes and mentors. Another helpful site is SHE Business Design at www.shebusinessdesign.com.

The next step after you found your niche and research is complete – Name your business.

It should be a name that represent your product/service. Don’t be to clever or to abstract. You want a name that people will remember because it’s catchy or associate an acronym with the name. (United Parcel Service- UPS) The same hold true for your logo, make it simple but eye catching (Exxon- tiger). Check your local government then broaden your search to state wide. (www.secstates.com). If you have anything that you want protected with a patent, trademark (www.USPTO.gov) or copyrighted (www.copyright.gov) . There are fees associated with filing some of this paperwork. I suggest before filing any paperwork you speak to a business lawyer.

What kind of business will you have? A sole proprietorship (LLC), partnership, corporation (S or C) or cooperative. There are tax difference so talk to a tax expert.

After you have all this information then you can start on your Business Plan.

Stay tune……

 

What is Strategy?

Do you know exactly what strategy means? This word has become popular with the uprising of small business.

Strategy is your action or master plan. In business this is considered the direction or scope your business takes over the long term. Your origination can use this to meet challenges of your market and resources.

There are six things that you need for a successful strategy:

  1. Direction- where your business is going
  2. Market/scope- business compete in and what kind of activities
  3. Advantage- business perform better than others
  4. Resources- required in order to compete
  5. Environment- external factors affect business ability to compete
  6. Stockholders- values and expectations of those with power in and around the business

These are the question and answers you need to know before you can start to come up with a strategy.

In order for you to pick the correct strategy, you must first know what your trying to accomplish. There are three levels corporate, business unit and operational. Again depending on what you are trying to accomplish would depend in which strategy you will implement.

If you have investors/stockholders you will need to most likely need to use Corporate Strategy. Since your business is heavily influenced by investors and your concern would be to meet their exceptions.

If you sell a product or offer a service, you will most likely use Business Unit Strategy. Since your business is influenced by competition in your market. With that in mind your decisions will be made on products, customer need and what will have your business stand above the competition.

If you are concerned with all aspects of your business then you will most likely use Operational Strategy. Since your business is influenced by all aspects of your business. With that in mind your decision will be made on resources, processes and people.

To help you decide which strategy will best fit your business:

  1. Think about what direction you want your business to follow
  2. Go over your business plan
  3. Talk to a business coach to make sure you chose the right path

What Should Entrepreneurs Outsource to Virtual Staff

People often wonder what business task they should outsource. While most entrepreneurs really do think they can do it all, we know that is not true. Everyone needs help to help grow their business. While you think of your business as one of your children and do not want to let anyone help you to grow it, you know deep down you do need help. The question is what kind of help do you need? You also, need to be able to let go of the task and trust the person(s) you hire to do the job.

Chris Ducker has wrote this article that tells entrepreneurs 101 task that can be outsource to virtual staff.

http://www.chrisducker.com/101-tasks-to-outsource-to-virtual-staff/

Where Do You Find A Virtual Assistant

You have decided your not Superwoman/man and you need help. Now, where do you find the help you need?

You have asked your fellow business friends and they were no help. They told you about Guru, Upworks or other sites similar. They explained to your that you can get help there as low as $5 an hour, your excited just can’t believe it. What a score, it doesn’t even matter that they’re not in this country. You go to those sites, select a VA, your ready to start. Then you have to pump your brakes, why? You find there’s a communication issue, time difference or something else. If you have to repeat yourself or communicate at 3am, how much money and time are your actually saving?

American Virtual Assistants are very capable of doing your job without the communication issues or time zone constraints. Your American VA is niche oriented, you can hire a VA that specifically works in your industry and they don’t have to trained. Most Virtual Assistants offer a hourly rate or retainer packages to fit your budget.

Let me tell you where you can find capable Virtual Assistants.

Surprisingly FaceBook  and LinkedIn have several groups that offer virtual assistants.

  1. Start by typing virtual assistant or administrative consultant in the search box.
  2. Post what you are looking for on all the sites you find.
  3.  Be prepared for the responses. They will give you their website or FaceBook page for contact information.
  4. Reply thank you to all but only select who you want to speak personally to.

With LinkedIn you can connect to the individual directly and see their experience.

Other Social media to check is Twitter, Instagram, Craiglist, Youtube, Google and Bing.

There are websites that you may check such as:

Manta – www.manta.com

Smartguy – www.smartguy.com

Be My VA – www.bemyva.com

Yellow Bot – www.yellowbot.com

Thumbtack – www.thumbtack.com

For more listings check on http://www.verticalresponse.com/blog/top-20-places-business-needs-listed-online/

Where To Advertise Your VA Business

Where do you advertise your business? Do you get results from your advertising? Is FaceBook or Twitter or other social media your only form of advertisement?

I found FREE sites that will allow you to get your business out there for potential clients/customers to find you. They also offer upgrade packages.

Manta is a site that helps potential clients/customers find you, promote your business and make business connection. They have three upgrade packages ranging from $29 to $49 per month. It has other wonderful features that are good for business. www.manta.com

Smartguy is like the yellow pages. They only except three professionals per category in any zip code. They have the free basic service but offer a premium, service for $49 per month. www.smartguy.com

Be My VA is a yellow pages for virtual assistants. If you are a VA and looking for exposure or looking to hire a Va this the place to be! There is a charge for access to a full business profile. The price is $104 but you can be a guest member with a limited business profile. www.bemyva.com 

Here is a list of other sites:

Google My Business- www.google.com/business

Bing for Business- www.bingplaces.com

Yellow Bot- www.yellowbot.com

Merchant Circle- www.merchantcircle.com

Boosta Site- www.boostasite.com

More listings found on http://www.verticalresponse.com/blog/top-20-places-business-needs-listed-online/

Excellent article to read on promoting your website is “How to Promote a Website with these 15 Sites” by Kristin Edelhauser.  http://www.entrepreneur.com/article/174914

 

How To Effectively Be a Salesperson Without being Obnoxious Using Body and Facial Language

The man who makes an appearance in the business world, the man who creates personal interest, is the man who gets ahead. Be liked and you will never want.

Death of a Salesman – Willy Loman, Act 1

Do you know how important body and facial expressions are? As a salesperson you should know what your client is thinking and feeling. This knowledge will help you truly understand your client’s true position. It will also help you to know when the sale is a “no go”.

For example: have you notice that while talking to a person he/she is smiling and nodding the whole time your talking? The smile however, never changes no matter what you say. What are they telling you on a unconscious level? I’m not listening, not interested or when are they going to stop talking.  When this occurs, stop talking and change the subject; they are not listening to a word you are saying. Ask them questions that require them to think and hold a mutual beneficial conversation.

Some salesperson are so excited that they don’t even ask the client/customer what they are looking for or what they need; they just start talking about their services/products. Sometimes they get so caught up trying to make a sale that they loose the person before they get them. Giving them more information than needed. they don’t care about the specs of the product, all most customers want to know is:

  1. Does the product work
  2. Is the product affordable
  3. Is the product safe

The only time they care about specs is when they are purchasing a car, house or computer. So know whats important to your client/customer before you sprout off unwanted information.

The eyes are the windows to our soul. Eye contact is one of the most important element for sincere conversation. People are judging you not only by your words but also your facial/body expression. If your unsmiling or smiling too much you may come off as untrustworthy or not serious so you will be dismissed before you even open your mouth. Don’t be a statue or blank face they will see it as you don’t care about the subject you are speaking about.

Practice learning how to read and understanding body and facial language. The easiest way is to people watch. While your out look at different people (don’t stare) and see if you can tell what they are thinking or feeling. Also, ask someone what your body or face is saying.

 

Outsourcing- what exactly is it?

 

It is the practice of using outside firms or people to do certain job functions.

How many of you think you can do it all yourself? Come on, everyone put your hands up! No matter how organized and structured you are; you still need help. You may think your superwoman/man and you might be but you still can’t be in two places at once and remember there is no such thing as multi-tasking.

Just like with everything else that is new it is not fully understood at the beginning so, it’s used wrong and then discarded as not useful; in order for the small business owner to capitalize on outsourcing you must first determine what non-core activities can be outsourced. These are activities that you hate doing and frankly are probably not good at anyway and it will free you up to do the things you are good at doing. The top 5 task Small Business owners have outsourced are: Bookkeeping, Payroll, Social Media Marketing, Administrative Support and Marketing Efforts.

Even knowing they are not good at these activities, some business owners will not outsource. The biggest reason they won’t utilize outsourcing is because of money. Why pay for something you can do yourself, because you can’t do it yourself. The next reason is they will experience a feeling of losing control. This is perfectly understandable. You want your business to maintain its’ reputation and the only way that can happen is that you stay in control and do everything- WRONG. Business owners need to do what they are good at and hire a professional do what they are good at. Your business is like your baby and you don’t trust your baby with just anyone, so take your time in deciding who to work with and what to outsource. You must feel comfortable and confident with your choices. So, following these steps will help you with an important decision.

The first step- determining what to outsource:

  1. List all the task you do
  2. How much time do you spend on each task
  3. Which of those are not income generating

Once that is accomplished and you have determined which task can be outsourced, look for several companies that specialize in that particular task you are seeking.

The second step- determining what company to use:

  1. Research, Research, Research
  2. Social Media- Google, Facebook, Twitter, LinkedIn
  3. Personal connection- Networking groups, colleagues and business associates

Once that is accomplished and you have narrowed your choices

The third step- choosing a company:

Make appointments with at least 4 of your choices. Remember some may charge a consultation fee. Even with referrals still make appointments. Every company is not for every person, just because Bob and ABC company get along does not mean you and that company will.

There are advantages to outsourcing:

  1. Gives you more time
  2. Professional partner
  3. Saves you money

Outsourcing helps strengthen your business!